Competitive forces:
The industry is highly competitive with 90 life and health insurers within Canada. Canadian-controlled firms have 80 per cent of the Canadian market. At least 200 private general insurance companies exist in Canada. Also, mandatory auto insurance coverage is provided exclusively by government-owned auto insurers.
[This too could be expanded. While there are 90 insurers, the major competition is from who? You should list and analysis the major ones here.]
The competitors are |Sunlife and Greatwest life insurance
Positioning strategy
Manulife Insurance has a strong reputation amongst its customers in all the regions where it is based. Its distribution network is very large with more than 30,000 agents. It has very cordial relationships with various banks and brokers. Japan is one of the largest market of the Asian region where the company is currently operating (Manulife). It aims to penetrate in those markets which have a low penetration rate. It wishes to position itself with countries which have high scope of improvement economically.
The company’s strategy is to become a key player in the insurance market in every country and it aims to increase its agents, ensure secured partnerships with banks, increase the number of branches in various regions, keep the cost of operations low, employee only knowledgeable and proficient managers to run new branches. The company makes efforts to increase awareness about the Manulife brand in all regions through hardcore advertising and outbid its competitors. It abides by the country’s regulatory framework as far as possible so as to gain their trust. It needs to capitalize to increase business specifically in countries like Singapore, Malaysia, Thailand, etc. and develop products based on the customer preferences (Wong, 2012). The focus of Manulife is to provide such products which shall cover all the risks and enhance its Bancassurance relationships (Wong, 2012).
[“Positioning is not what you do…